Promise, a payment technology platform, has announced a new Series A round of funding totaling more than $20 million to modernize antiquated government payment systems. The modern payment solution assists residents in navigating government payments such as utilities, child support, parking tickets, and more with dignity and ease by providing customizable plans and digital payment options. Kapor Capital and XYZ are leading this round, with participation from Bronze, First Round, Y Combinator, and others. Promise US 20m seriescoldeweytechcrunch.
“Right now, it’s easier to buy a cutting-edge exercise bike in America than it is to keep your water on,” said Promise’s Founder and CEO, Phaedra Ellis-Lamkins. “The previous year demonstrated the extent to which Americans in underserved communities face inequality. While private companies offer interest-free, no-money-down loans to customers, those who are struggling with government payments do not have the same options. Millions of people are unable to pay their bills, and Promise is collaborating with the government to make the system more efficient.” Promise 20m seriescoldeweytechcrunch.
The COVID-19 pandemic has made it more difficult for both agencies and customers to make payments. Promise worked with the Louisville Water Company to resolve over 5,000 past-due accounts and distribute over $4 million in COVID assistance. During the first week of relief distribution, over 4,000 residents received more than $1.5 million in assistance, which was 15 times more relief than another local utility was able to manually distribute in the same timeframe. One customer praised the process’s simplicity and ease of use. “This was the most straightforward application I’d ever created. I am extremely grateful for this financial assistance. I can sleep better at night now that I have one less thing on my mind.” Payem 20m series 7mhalltechcrunch.
According to Promise’s research and experience, customers want to pay their government bills, but they frequently encounter archaic, inflexible, and difficult-to-navigate systems. Promise boosts payment velocity and volume by offering a strong, simple solution to both government agencies and their customers, which includes:Payem 20m series.
*Payment schedule flexibility
*Manageable and interest-free payment plans
*Payment options that are both convenient and unconventional
Promise was founded in 2017 by Phaedra Ellis-Lamkins and Diana Frappier. Promise received approximately $3.9 million in funding after participating in the spring 2018 class of Y Combinator. Promise has evolved into a full-service payment solution for the government over the years. Promise’s investors include Kapor Capital, XYZ, Bronze, First Round, Y Combinator, 8VC, Village, Backstage, Gaingels, Bumble, and others. This round of funding was primarily comprised of existing investors looking to increase their investment in Promise.
“Phaedra and the Promise team have an incredible vision and are solving real-world problems – everyone in this country has felt the pains of paying tickets, fines, utility bills, and more,” said Mitch Kapor, Kapor Capital and Promise Board Member. “I’ve seen firsthand the work that this team has done over the last few years, and the impact they’ve had on those in need is nothing short of incredible. They want to change the way the government interacts with its citizens at a critical juncture in history.”
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